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Public Agency Plan Administrators Need to Keep Track of Participants Before They Go “Missing”
By Jeff Chang Although “governmental” plans are not subject to ERISA and the guidance issued by the U.S. Department of Labor (DOL), public agency plans in California are subject to ERISA-like rules and would benefit from following the DOL’s recent guidance on missing...
Public Employers Not Participating in Social Security Need To Tell Their Employees About the Windfall Elimination Provision and The Government Pension Offset
By Jeff Chang Previously, we explained that California alone has thousands of public agency employers (i.e., cities, counties, special districts, school districts and JPAs) that do not contribute to Social Security, but instead provide a Social Security Replacement...
Are Charter Schools Considered “Governmental” for Retirement Plan Purposes?
By Jeff Chang In California, charter schools are public schools that do not charge tuition or impose special entrance requirements, but are generally operated on an independent basis from local school systems. Because of the “public” nature of these schools and the...
Why Most Retirement Plan Advisor or Recordkeeper Searches Are Not Subject to the RFP Requirements of the Sponsoring City or District
By Jeff Chang Many cities and their retirement plan investment advisors believe that the city must periodically issue an RFP for defined contribution plan recordkeeping or investment advisory services in accordance with the city’s RFP policy or ordinance. Having...
Plan Administrators, Plan Committees, and Public Agency 457(b) Plans
By Jeff Chang Many investment advisors for public agency 457(b) plans believe that their public agency clients must have a retirement plan committee in order for the plan to have a proper plan administrator or fiduciary structure. As discussed below, we think that...
Public Agency 457(b) Plans Require Ongoing Attention and Maintenance
By Jeff Chang Previously, we described the duties and responsibilities of the plan administrator of a public agency 401(a) or 457(b) plan. While it is important for public agency employees to understand the potential scope of the plan administrator position, there is...
Moving Between 457(b) Recordkeepers When a Stable Value Fund is Involved
By Jeff Chang Many public agency 457(b) plans offer a stable value fund investment option. When a plan moves to a new 457(b) plan recordkeeper, the plan’s investment lineup will usually change. In those cases where the lineup includes a stable value fund, the plan’s...
Are Your Agency’s Retirement Plan Committee Meetings Subject to the Brown Act?
By Jeff Chang In addition to properly identifying your retirement plan fiduciaries, and substituting a knowledgeable administrative committee in place of your governing board or council, California local agencies also need to consider whether the meetings of their...
The Duties and Responsibilities of a 457(b) or 401(a) Plan Administrator
By Jeff Chang A surprisingly large number of public employees accept appointment as the plan administrator, or a member of the administrative committee, for their agency’s 457(b) or 401(a) plan. An explanation of the typical duties and responsibilities of a plan...
Tips On Selecting a Retirement Plan Adviser When You Can’t Meet Them in Person
By Jeff Chang Over the past several months, we have seen a number of public agency clients struggle through the process of evaluating and selecting a retirement plan adviser based only on generic questionnaires, a few phone calls, and an occasional video conference....
Take Your Pick – Employees Allowed to Choose Between Future 401(a) Plan Contributions and Future HRA Contributions
By Jeff Chang A recently issued IRS private letter ruling may provide public agencies and their employees with another way to give employees more control over the types of retirement benefits they will eventually receive. As we previously reported, governmental...
Using a Plan Administration Expense Account as Part of An Agency’s 457(b) or 401(a) Plan
By Jeff Chang Not surprisingly, many cities and special districts no longer have monies available in their budgets to spend on things such as legal fees to analyze and correct plan administration problems and compliance issues. When it is not feasible for the plan...